Virtualware CEO Unai Extremo publishes letter on growth strategy and market expansion
The Flatland and the 3D world that’s coming: A look at Virtualware’s 2024
BILBAO, 12 February.- Virtualware has published a letter from its CEO, Unai Extremo, titled “The Flatland and the 3D World That’s Coming: A Look at Virtualware’s 2024.” The letter outlines the company’s growth strategy and reflects on both organic and inorganic expansion opportunities.
“When we announced our Strategic Plan for organic growth, we did not rule out taking advantage of inorganic growth opportunities. Our first operation of this type, carried out in 2024, is helping us understand the potential for a company of our scale and ambition,” Extremo stated in the letter, released after the company’s yearly earnings.
The letter also discusses the 2024-2026 strategy, the company’s expansion efforts in the United States and Canada, and its objective to obtain an internationally recognized certification aligned with the United Nations Sustainable Development Goals.
Last week, Virtualware reported a 90% increase in EBITDA to €806,000, according to its unaudited results submitted to Euronext. This growth was driven by the expanded adoption of the company’s enterprise XR platform VIROO through its subscription-based model and new contracts secured in North America.
Since 2023, the Euronext-listed company has operated under three core pillars: expanding in the US and Canada, strengthening immersive and 3D-powered solutions, and pursuing inorganic growth to accelerate revenue. In 2024, Virtualware’s core XR unit registered €4.17 million in sales, up 13.5% from 2023. Pre-tax profit climbed 760% to €561,864. Subscription-based services accounted for 41% of total revenue.
VIROO XRaaS revenue grew from €590,555 in 2022 to €1,288,060 in 2023, reaching €1,725,719 by the end of 2024 and marking a 192% increase over two years. VIROO, Virtualware’s flagship product, is a ready-to-run XR solution that provides multiple, ready-to-use applications for users and tools for developers to create and distribute their own custom multi-user XR, simulation, and digital twin applications while ensuring security, scalability, and performance.
